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Vitol Announces Cash Offer For Sterling Resources Ltd.

ROTTERDAM, Netherlands,
Feb. 12, 2013 /CNW/ - Vitol Anker International B.V. ("
Vitol Anker"), a wholly owned subsidiary of The Vitol Group ("
Vitol"), announced that it intends to make an offer (the "
Offer") to acquire all of the outstanding common shares (the "
Shares") of Sterling Resources Ltd. ("
Sterling" or the "
Company") (TSXV: SLG), not beneficially owned by
Vitol Anker and its affiliates, for cash consideration of
$0.85per share in a transaction which values the fully diluted share capital of Sterling at approximately
$192 million.

Background to the Offer

Vitol and its affiliates provided a
US$12 million loan to Sterling in early January to enable the Company to meet its short-term liquidity obligations. Since that time, Vitol has held discussions with Sterling's management and, based on the Company's inability to find an acceptable long-term financing solution,
Vitol Anker has decided to pursue an offer for the Company. To that end, Vitol has held discussions with Sterling's board of directors (the "
Sterling Board") with a view to secure a board-supported transaction but these discussions have, to date, not led to an agreement. Given continuing rumours and uncertainty around the Company and its financial situation,
Vitol Anker has made the decision to disclose its intentions.

Compelling Offer to Sterling Shareholders

The price to be paid in the Offer represents an attractive premium of:

79% to Sterling's closing price on February 12, 2013, the last business day prior to this announcement; and

48% to Sterling's 20-day volume-weighted average price as at February 12, 2013.

The cash price to be paid in the Offer provides Sterling's shareholders with certainty of value and immediate liquidity.